Aluminum Forging Market
Growth Factors of Aluminum Forging Market
The aluminum forging market size was valued at USD 3.78 billion in 2023, and the market is now projected to grow from USD 3.94 billion in 2024 to USD 5.12 billion by 2032, exhibiting a CAGR of 3.3% during the forecast period of 2024-2032.
The aluminum forging market was affected drastically through the COVID-19 outbreak with the disturbing effects on the supply chain and decreased production capabilities. The restrictions provoked the closure of factories as well as the halted supply chains which slowed down inputs procurement. Also, the market experienced reduced demand due to reduced demand from vital application sections including automotive as well as aerospace. But, the crisis has forced the industry to look for digital solutions and stronger supply chain practically. With the global economy slowly coming back on its feet, the aluminum forging market is sometime predicted to recover especially due to the rising calls for forging more infrastructures and automotive sectors.
The aluminum forging industry is thus fuelled by various factors such as the increasing need for automobile and aerospace industries for light and stronger alloys that necessitates the improvement of the fuel efficiency and performance. New developments in forging technology and processes add to the quality of the final product while at the same time minimizing the costs of production. It is also worth mentioning that an increasing concentration on such factors as sustainability and energy efficiency is another factor that drives the market. Moreover product upgrades, expansion of infrastructure, and development in Aluminum alloys also fuel the demand. All of these factors, therefore, contribute towards growth of the market and its development. All of the above-mentioned factors are driving the aluminum forging market share.
Some of the trends that characterize the forging market for aluminum are tendencies towards the use of high technologies in the forging of aluminum products including automated and precision forging. Recently there has been a trend to make the processes more environmentally friendly, which is evident in the prevention of recycling of aluminum. As the automotive industry is moving towards the electric cars more aluminum components are required in the body of the cars. Further, the persistent progress in the improved aluminum alloys’ performance is diversifying usage in aerospace and different industries. These trends stress the intrinsic tendency of the market towards innovation and the increase of the significance of sustainability aspects.
Comprehensive Analysis Aluminum Forging Market
The aluminum forging market is divided by forging type and by end-use application. There are three major types of forgings namely the open die forging, the closed die forging, and the ring rolled forging which in one way or the other possess different characteristics of flexibility, accuracy and product geometries. Open die forging is mostly used with large and small forgings made to individual shapes and sizes, and closed die forging is applied to mass-produced forgings in complicated shapes. Ring rolled forging solutions is best suited for uses where high strength and rigidity is of paramount importance. Applications include aerospace & defense industries demanding lightweight high performance parts, automotive & transportation industries requesting lighter or fuel efficient and safer parts, industrial machines requiring stronger & more durable parts and construction Industry in search of stronger and more reliable parts. These segments represent the various areas of use and changing requirement in the aluminum forging industry.
The primary sector in the aluminum forging market is North America owing to a significant aerospace, automotive, and industrial machinery industry. Add to this the fact that the region possesses sophisticated manufacturing industry and has made large commitments to the improvement of gross technology which plays an essential role for its support. Also, the rising need for light metals in vehicle and aircraft manufacturing due to fuel efficiency and the importance of weight particularly forces the market to move forward. Other factors have also played huge roles, such as North America’s major industries and the research and development focus on the Aluminum Forging Market.
Key players in this sector include Bharat Forge (India), ELLWOOD Group Inc. (U.S.), Kobe Steel, Ltd. (Japan), ThyssenKrupp AG (Germany), Precision Castparts Corp (U.S.), Kalyani Technoforge Limited (India), Alcoa Corporation (U.S.)
The aluminum forging market has experienced moderate development in the year of 2024 especially high-strength aluminum alloy. Among various product innovations, one of the most important is the development of new generation of ultra-lightweight aluminum alloy materials with higher fatigue strength and better thermal stability. These new alloys are meant to address certain new specifications of the aviation and automotive industries, with enhanced capacity, better safety standards and lower density weighing. Besides, improvements in the precision forging technology have allowed the creation of new and complex parts that have higher accuracy in terms of geometry than was possible before
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion) and Volume (Kiloton)
Growth Rate CAGR of 3.3% from 2024 to 2032
Segmentation By Forging Type
- Open Die
- Closed Die
- Ring Rolled
By End-use Industry
- Aerospace and Defense
- Automotive & Transportation
- Industrial Machinery
- Construction
- Others
By Region
- North America (By Forging Type, End-use Industry, and Country)
- U.S. (By End-use Industry)
- Canada (By End-use Industry)
- Germany (By End-use Industry)
- U.K. (By End-use Industry)
- France (By End-use Industry)
- Italy (By End-use Industry)
- Rest of Europe (By End-use Industry)
- China (By End-use Industry)
- Japan (By End-use Industry)
- India (By End-use Industry)
- South Korea (By End-use Industry)
- Rest of Asia Pacific (By End-use Industry)
- Brazil (By End-use Industry)
- Mexico (By End-use Industry)
- Rest of Latin America (By End-use Industry)
- GCC (By End-use Industry)
- South Africa (By End-use Industry)
- Rest of the Middle East & Africa (By End-use Industry)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Market Trends in the Global Market
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc. .
- 4.3. Latest Technological Advancement
- 4.4. Insights on Regulatory Scenario
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of COVID-19 Pandemic on the Market
- 5. Global Aluminum Forging Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Forging Type
- 5.2.1. Open Die
- 5.2.2. Closed Die
- 5.2.3. Ring Rolled
- 5.3. By End-use Industry
- 5.3.1. Aerospace and Defense
- 5.3.2. Automotive & Transportation
- 5.3.3. Industrial Machinery
- 5.3.4. Construction
- 5.3.5. Others
- 5.4. By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Aluminum Forging Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Forging Type
- 6.2.1. Open Die
- 6.2.2. Closed Die
- 6.2.3. Ring Rolled
- 6.3. By End-use Industry
- 6.3.1. Aerospace and Defense
- 6.3.2. Automotive & Transportation
- 6.3.3. Industrial Machinery
- 6.3.4. Construction
- 6.3.5. Others
- 6.4. By Country
- 6.4.1. U.S.
- 6.4.1.1. By End-use Industry
- 6.4.1.1.1. Aerospace and Defense
- 6.4.1.1.2. Automotive & Transportation
- 6.4.1.1.3. Industrial Machinery
- 6.4.1.1.4. Construction
- 6.4.1.1.5. Others
- 6.4.2. Canada
- 6.4.2.1. By End-use Industry
- 6.4.2.1.1. Aerospace and Defense
- 6.4.2.1.2. Automotive & Transportation
- 6.4.2.1.3. Industrial Machinery
- 6.4.2.1.4. Construction
- 6.4.2.1.5. Others
- 7. Europe Aluminum Forging Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Forging Type
- 7.2.1. Open Die
- 7.2.2. Closed Die
- 7.2.3. Ring Rolled
- 7.3. By End-use Industry
- 7.3.1. Aerospace and Defense
- 7.3.2. Automotive & Transportation
- 7.3.3. Industrial Machinery
- 7.3.4. Construction
- 7.3.5. Others
- 7.4. By Country
- 7.4.1. Germany
- 7.4.1.1. By End-use Industry
- 7.4.1.1.1. Aerospace and Defense
- 7.4.1.1.2. Automotive & Transportation
- 7.4.1.1.3. Industrial Machinery
- 7.4.1.1.4. Construction
- 7.4.1.1.5. Others
- 7.4.2. U.K.
- 7.4.2.1. By End-use Industry
- 7.4.2.1.1. Aerospace and Defense
- 7.4.2.1.2. Automotive & Transportation
- 7.4.2.1.3. Industrial Machinery
- 7.4.2.1.4. Construction
- 7.4.2.1.5. Others
- 7.4.3. France
- 7.4.3.1. By End-use Industry
- 7.4.3.1.1. Aerospace and Defense
- 7.4.3.1.2. Automotive & Transportation
- 7.4.3.1.3. Industrial Machinery
- 7.4.3.1.4. Construction
- 7.4.3.1.5. Others
- 7.4.4. Italy
- 7.4.4.1. By End-use Industry
- 7.4.4.1.1. Aerospace and Defense
- 7.4.4.1.2. Automotive & Transportation
- 7.4.4.1.3. Industrial Machinery
- 7.4.4.1.4. Construction
- 7.4.4.1.5. Others
- 7.4.5. Rest of Europe
- 7.4.5.1. By End-use Industry
- 7.4.5.1.1. Aerospace and Defense
- 7.4.5.1.2. Automotive & Transportation
- 7.4.5.1.3. Industrial Machinery
- 7.4.5.1.4. Construction
- 7.4.5.1.5. Others
- 8. Asia-Pacific Aluminum Forging Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Forging Type
- 8.2.1. Open Die
- 8.2.2. Closed Die
- 8.2.3. Ring Rolled
- 8.3. By End-use Industry
- 8.3.1. Aerospace and Defense
- 8.3.2. Automotive & Transportation
- 8.3.3. Industrial Machinery
- 8.3.4. Construction
- 8.3.5. Others
- 8.4. By Country
- 8.4.1. China
- 8.4.1.1. By End-use Industry
- 8.4.1.1.1. Aerospace and Defense
- 8.4.1.1.2. Automotive & Transportation
- 8.4.1.1.3. Industrial Machinery
- 8.4.1.1.4. Construction
- 8.4.1.1.5. Others
- 8.4.2. Japan
- 8.4.2.1. By End-use Industry
- 8.4.2.1.1. Aerospace and Defense
- 8.4.2.1.2. Automotive & Transportation
- 8.4.2.1.3. Industrial Machinery
- 8.4.2.1.4. Construction
- 8.4.2.1.5. Others
- 8.4.3. India
- 8.4.3.1. By End-use Industry
- 8.4.3.1.1. Aerospace and Defense
- 8.4.3.1.2. Automotive & Transportation
- 8.4.3.1.3. Industrial Machinery
- 8.4.3.1.4. Construction
- 8.4.3.1.5. Others
- 8.4.4. South Korea
- 8.4.4.1. By End-use Industry
- 8.4.4.1.1. Aerospace and Defense
- 8.4.4.1.2. Automotive & Transportation
- 8.4.4.1.3. Industrial Machinery
- 8.4.4.1.4. Construction
- 8.4.4.1.5. Others
- 8.4.5. Rest of Asia-Pacific
- 8.4.5.1. By End-use Industry
- 8.4.5.1.1. Aerospace and Defense
- 8.4.5.1.2. Automotive & Transportation
- 8.4.5.1.3. Industrial Machinery
- 8.4.5.1.4. Construction
- 8.4.5.1.5. Others
- 9. Latin America Aluminum Forging Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Forging Type
- 9.2.1. Open Die
- 9.2.2. Closed Die
- 9.2.3. Ring Rolled
- 9.3. By End-use Industry
- 9.3.1. Aerospace and Defense
- 9.3.2. Automotive & Transportation
- 9.3.3. Industrial Machinery
- 9.3.4. Construction
- 9.3.5. Others
- 9.4. By Country
- 9.4.1. Brazil
- 9.4.1.1. By End-use Industry
- 9.4.1.1.1. Aerospace and Defense
- 9.4.1.1.2. Automotive & Transportation
- 9.4.1.1.3. Industrial Machinery
- 9.4.1.1.4. Construction
- 9.4.1.1.5. Others
- 9.4.2. Mexico
- 9.4.2.1. By End-use Industry
- 9.4.2.1.1. Aerospace and Defense
- 9.4.2.1.2. Automotive & Transportation
- 9.4.2.1.3. Industrial Machinery
- 9.4.2.1.4. Construction
- 9.4.2.1.5. Others
- 9.4.3. Rest of Latin America
- 9.4.3.1. By End-use Industry
- 9.4.3.1.1. Aerospace and Defense
- 9.4.3.1.2. Automotive & Transportation
- 9.4.3.1.3. Industrial Machinery
- 9.4.3.1.4. Construction
- 9.4.3.1.5. Others
- 10. Middle East & Africa Aluminum Forging Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Forging Type
- 10.2.1. Open Die
- 10.2.2. Closed Die
- 10.2.3. Ring Rolled
- 10.3. By End-use Industry
- 10.3.1. Aerospace and Defense
- 10.3.2. Automotive & Transportation
- 10.3.3. Industrial Machinery
- 10.3.4. Construction
- 10.3.5. Others
- 10.4. By Country
- 10.4.1. GCC
- 10.4.1.1. By End-use Industry
- 10.4.1.1.1. Aerospace and Defense
- 10.4.1.1.2. Automotive & Transportation
- 10.4.1.1.3. Industrial Machinery
- 10.4.1.1.4. Construction
- 10.4.1.1.5. Others
- 10.4.2. South Africa
- 10.4.2.1. By End-use Industry
- 10.4.2.1.1. Aerospace and Defense
- 10.4.2.1.2. Automotive & Transportation
- 10.4.2.1.3. Industrial Machinery
- 10.4.2.1.4. Construction
- 10.4.2.1.5. Others
- 10.4.3. Rest of the Middle East & Africa
- 10.4.3.1. By End-use Industry
- 10.4.3.1.1. Aerospace and Defense
- 10.4.3.1.2. Automotive & Transportation
- 10.4.3.1.3. Industrial Machinery
- 10.4.3.1.4. Construction
- 10.4.3.1.5. Others
- 11. Company Profiles
- 11.1. Bharat Forge
- 11.1.1. Overview
- 11.1.2. Description
- 11.1.3. Product Portfolio
- 11.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.5. Recent DevelopHouseholdts
- 11.2. ELLWOOD Group Inc.
- 11.2.1. Overview
- 11.2.2. Description
- 11.2.3. Product Portfolio
- 11.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5. Recent DevelopHouseholdts
- 11.3. Kobe Steel, Ltd.
- 11.3.1. Overview
- 11.3.2. Description
- 11.3.3. Product Portfolio
- 11.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.5. Recent DevelopHouseholdts
- 11.4. ThyssenKrupp AG
- 11.4.1. Overview
- 11.4.2. Description
- 11.4.3. Product Portfolio
- 11.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.4.5. Recent DevelopHouseholdts
- 11.5. Precision Castparts Corp
- 11.5.1. Overview
- 11.5.2. Description
- 11.5.3. Product Portfolio
- 11.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.5.5. Recent DevelopHouseholdts
- 11.6. Kalyani Technoforge Limited
- 11.6.1. Overview
- 11.6.2. Description
- 11.6.3. Product Portfolio
- 11.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.6.5. Recent DevelopHouseholdts
- 11.7. Alcoa Corporation
- 11.7.1. Overview
- 11.7.2. Description
- 11.7.3. Product Portfolio
- 11.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.7.5. Recent DevelopHouseholdts
- 11.8. Sansera
- 11.8.1. Overview
- 11.8.2. Description
- 11.8.3. Product Portfolio
- 11.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.8.5. Recent DevelopHouseholdts
- 11.9. Accurate Steel Forgings (INDIA) Limited
- 11.9.1. Overview
- 11.9.2. Description
- 11.9.3. Product Portfolio
- 11.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.9.5. Recent DevelopHouseholdts
- 12. Strategic Recommendations
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